Summary of Progress for 1914
By H. G. Childs
A Good Showing of Prosperity — Directors, Officers, Managers, etc., for This Year
Secretary Pacific Press Publishing Association It will be of interest, we are sure, to many of our readers, to learn something more concerning the many items of interest in connection with the annual meeting of the association that publishes this paper. The meeting was held in connection with the Bookmen’s Convention, as reported in previous issues. On this account, the attendance was larger than usual—not only from the association’s own field, west of the Mississippi, but representative men were present from farther east, as for instance, Elder I. H. Evans, president of the North American Division Conference of Seventh-day Adventists, Elders N. Z. Town, W. W. Eastman, and F. W. Paap, representing the general book and periodical work, and Mr. I. A. Ford, from the Review and Herald Publishing Association. Western men are named in connection with the Bookmen’s Convention reports in late issues; therefore we will not take space to note them here, other than to say all were heartily welcome—ministers, bookmen, conference and missionary officers, and workers one and all. The president and manager of the association presented a most encouraging annual report. He referred to the stirring times in which we live, the large opportunities for work, the hearty cooperation of the office and the field, and touched upon the finances of the institution, given more fully by the treasurer. The sales of books, pamphlets, and tracts total $337,575.50, while the value of all publications sold, including periodicals, aggregated $471,126.44. The manager referred to the branch offices and the prosperity that had attended each one of them. His remarks on the prosperous evening school and lecture course for employees showed their value. He touchingly referred to the death of one of the older employees who had served faithfully so many years, Mr. V. M. Donaldson. From the treasurer’s report we glean the following items: The year’s business showed a net increase in assets of $16,172.21, and a reduction of liabilities of $14,315.34. Notes payable accounts had been reduced over twenty-one per cent. A few years ago, the Pacific Press was a semi-commercial institution, depending for the larger part of its work upon commercial jobs. At that time, its interest-bearing debt ranged from $165,000 to $175,000, with an annual interest burden of about $8,000. In 1908 our work was reorganized, commercial work eliminated, and the present interest-bearing debt is but $46,110.99—a reduction of about seventy-five per cent. In 1908, when the Pacific Press Publishing Company’s business was transferred to the association, the liabilities were $178,771.55—a sum equivalent to seventy per cent of the assets. But at the close of the year 1914, under the blessing of God, while doing His work wholly, the amount of liabilities, including $20,250.11 of special reserve funds, was $77,352.80, or only 24½ per cent of the assets—a reduction of 45½ per cent in the percentage relation of liabilities to assets. But if these special reserve funds, such as pension and relief, amounts invested in missions, etc., were not considered as current liabilities, the relation of liabilities to assets would be but eighteen per cent. During these years, the assets of the institution have increased from nearly $244,000238to more than $312,000. The present worth has increased from over $21,000 to nearly $235,000. Some time ago, the constituency voted to set apart an amount equal to five per cent of the total wages for a pension and relief fund. This is not from the wages, but is set apart by the institution out of its profits. Two and one half per cent is forwarded to the General Conference as our contribution toward the sustentation fund, the balance being our institutional sickness and emergency fund. During these years since 1908, the association has been able to invest in publishing work for missionary purposes $15,563.05, with a substantial balance on hand for other needs in the great mission field. There has been sent to China, $1,012; Japan, $880; Korea, $945; India, $2,118; the Philippines, $360; South Africa, $1,500; International Publishing Association, College View, for support of foreign secretaries, $750; and miscellaneous additional donations of nearly $500. In addition to this, for various funds there has been raised through the SIGNS OF THE TIMES and Our Little Friend, $1,159.51 during the past year. The subscription book business during 1914 amounted to $252,215.60. Other books, including tracts and pamphlets, brought the aggregate to $337,575.50. The periodical business amounted to $142,354.82, making the aggregate retail value of publications sold during 1914, $471,126.44. The net gain of the institution during the year 1914 amounts to $32,142.12. There was no change made in the board of the previous year. It is composed of the following: C. H. Jones, H. G. Childs, H. H. Hall, M. C. Wilcox, James Cochran, B. M. Shull, and W. E. Whalin. The organization of the board is as follows: President, C. H. Jones; Vice president, H. H. Hall; Secretary-treasurer, H. G. Childs. Mr. J. J. Ireland was again elected as auditor of the institution. Managers and department heads were appointed by the newly elected board as follows: General Manager, C. H. Jones. Assistant General Manager, H. G. Childs. Manager Book Department, H. H. Hall. Assistant Manager Book Department, James Cochran. Manager Periodical Department, James Cochran. Assistant Manager Periodical Department, G. C. Hoskin. Manager Kansas City Branch, S. N. Curtiss. Manager Portland Branch, J. F. Beatty. Manager Canadian Branch, J. M. Rowse. Manager International Branch, F. F. Byington. Circulation Manager International Branch, J. R. Ferren. Art Director and Foreman of the Engraving Department, F. H. Gage. Book Editor and Literary Critic, M. C. Wilcox. Editor SIGNS OF THE TIMES, A. O. Tait; Associate, L. A. Reed. Editor Signs of the Times Magazine, L. A. Reed; Associate, A. O. Tait. Editor Our Little Friend, Miss K. B. Wilcox; Associate, Mrs. Vesta J. Farnsworth. Editorial contributors for the SIGNS OF THE TIMES: A. G. Daniells, M. C. Wilcox, I. H. Evans, J. E. Fulton, W. A. Spicer, G. B. Thompson, E. E. Andross, H. R. Salisbury, W. T. Knox, R. C. Porter, J. O. Corliss, W. T. Bartlett. Publishing committee: H. H. Hall, C. H. Jones, James Cochran, M. C. Wilcox, F. H. Gage, H. G. Childs, A. O. Tait, L. A. Reed, E. L. McElhany, Dr. George Thomason, E. E. Andross, G. C. Hoskin. Editorial committee: M. C. Wilcox, A. O. Tait, L. A. Reed, H. H. Hall, F. H. Gage. In connection with the annual meeting, the regular yearly lunch, sometimes dignified with the name of “banquet,” was held in the office of publication. In the folding room the tables were beautifully arranged and spread by the sisters in the church and by a committee under the charge of the sisters, who certainly did splendid work. Nearly four hundred sat down to a most excellently prepared meal, accompanied with music by the Pacific Press orchestra. The company was composed of our visiting brethren, of conference officials and bookmen, the Pacific Press employees, members of the constituency, and visitors from the town. Very appreciative as well as earnest and instructive speeches were made at the table, and every one was pleased and happy at the good year that God had given the Pacific Press.